The metrics were calculated in new feasibility work following a 43% increase open cut reserves that will see a doubling of plant capacity from 2025.
EQ is currently do grade control drilling and says it will start mining next month.
The company had $5.93 million at the end of March.
During that quarter it completed two drawdowns of $5 million from Regal Resources Royalties Fund under the terms of a total $10 million royalty-based funding package for Mt Carbine.
Shares in EQ were down 6% to 6.6c in late trade Monday, capitalising the company at $97 million.
